Membership Newsletter: July 2012 Edition | NCRC Member Call to Action: Weigh In About Credit Reporting
The foreclosure crisis will have repercussions for the communities we serve for a long time to come. Credit scores for those affected will take years, if not decades, to rebound. What this makes clear is that we must take action to push adoption of credit scoring models that are more transparent than FICO, more dynamic in the face of one-time catastrophic events such as mortgage default and more adaptable to today’s realities.
In light of the importance of this issue, NCRC wants your views on the value of a campaign to make sure that credit reporting agencies and credit scores are fair to all borrowers. As you know, a good credit score is critical to entry into homeownership and to refinancing. In many of the communities we serve, homeownership traditionally has been the single biggest wealth-building opportunity a family has, the only lasting insurance against poverty.
The Consumer Financial Protection Bureau, created under Dodd-Frank, now has authority over the credit reporting agencies and recently announced that they will begin oversight on September 30 of this year. We want to know if NCRC members are interested in mounting a campaign to ensure that a person’s credit fairly reflects both their credit behavior and the circumstances, such as a predatory loan, that may have led to a less-than-favorable score. Fair and equal access to credit demands a credit-scoring system designed with today’s realities and tomorrow’s economic needs in clear focus.
Please fill out the short survey below to share your thoughts. In the event your comments indicate a broad interest, we will be in touch in the coming weeks with actions you can take to make your voice heard. In the meantime, if you have any questions, please contact your regional organizer.
https://ncrc.wufoo.com/forms/credit-reporting-agencies-survey
